Real Estate Comparables Table Monday, August 23, 2021

Prem/ 12 Mth 1 Market % of Pre-Tax (disc) to Dividend Est. Dividend Yield Gearing Other Metrics Share Price ASX Company Name Cap Total Price NTA NTA Per Share 1-Yr 2-Yr (ND/ND+E) P/E Nav per Price to Performance (%) Code A$m A$m A$m (%) AUD$ (%) (%) (%) 1 YR FWD 2 YR FWD Share ($) Book (x) 1 Years 3 Years 5 Years 7 Years 10 Years Property - Australia ABP Abacus Property Group 2,783.21 2.67% 3.40 3.24 4.87 0.17 5.09 5.38 28.57 18.38 17.35 3.38 1.01 26.41 (4.23) 8.81 28.79 73.02 AGJ Agricultural Land Trust n/a 0.00% n/a n/a n/a n/a n/a n/a 429.72 n/a n/a (1.20) n/a n/a (33.33) (33.33) (63.41) (76.92) AOF Australian Unity Office Fund 409.31 0.39% 2.49 n/a n/a 0.15 6.02 6.06 32.07 16.06 15.86 2.77 0.90 8.26 (7.09) 15.56 17.19 17.19 APW Aims Property Securities Fun 58.99 0.06% 1.33 n/a n/a n/a n/a n/a (1.55) n/a n/a 2.45 0.54 4.33 (21.13) 7.29 10.42 41.18 APZ Aspen Group 168.73 0.16% 1.45 1.34 7.97 0.07 4.41 4.55 30.98 17.90 15.93 1.31 1.08 45.00 54.26 20.83 16.94 (56.85) ARF Arena Reit 1,394.53 1.34% 4.05 2.53 60.32 0.15 3.95 4.20 20.41 24.25 22.88 2.56 1.58 62.65 81.61 90.14 203.37 300.99 AVN Aventus Group 1,841.06 1.77% 3.23 2.70 19.79 0.17 5.48 5.76 29.00 16.65 15.83 2.95 1.10 45.50 45.50 34.94 65.25 65.25 BWF Blackwall Ltd 39.15 0.04% 0.62 n/a n/a 0.05 n/a n/a (13.04) n/a n/a 0.35 n/a 63.16 (34.74) 3.33 125.45 148.00 BWP Bwp Trust 2,633.77 2.53% 4.10 3.29 24.44 0.18 4.41 4.54 17.26 22.78 22.16 3.29 1.24 3.27 25.77 15.82 54.72 145.61 BWR Blackwall Property Trust n/a 0.00% n/a n/a n/a n/a n/a n/a 28.67 n/a n/a n/a n/a n/a n/a n/a n/a n/a CDP Carindale Property Trust 314.30 0.30% 4.49 6.66 (32.60) 0.23 5.68 6.24 36.51 13.05 12.47 6.66 0.67 58.66 (45.11) (45.97) (24.03) 18.16 CHC Charter Hall Group 8,034.66 7.71% 17.25 4.60 274.79 0.38 2.20 2.32 6.17 29.69 23.83 4.62 3.73 40.36 143.99 214.21 277.46 951.83 CIP Centuria Industrial Reit 2,182.28 2.09% 3.95 3.83 3.21 0.17 4.35 4.56 28.06 21.82 20.68 3.85 1.03 22.67 50.37 44.39 66.66 124.61 CLW Charter Hall Long Wale Reit 3,310.55 3.18% 5.25 5.22 0.58 0.29 5.90 6.10 27.73 16.88 16.36 5.22 1.01 6.15 25.59 35.25 35.25 35.25 COF Centuria Office Reit 1,301.74 1.25% 2.53 2.48 2.10 0.17 6.60 6.72 36.02 13.98 13.53 2.48 1.02 30.41 3.25 12.94 31.00 31.00 CMW Cromwell Property Group 2,329.55 2.23% 0.89 0.99 (10.46) 0.07 8.20 8.20 43.55 12.71 11.56 1.00 0.89 1.14 (21.76) (16.67) (13.45) 39.30 AQR Apn Convenience Retail Reit 451.32 0.43% 3.65 n/a n/a 0.22 6.27 6.63 (0.17) 14.60 13.93 3.35 2.37 (5.19) 32.73 21.67 21.67 21.67 CQR Charter Hall Retail Reit 2,182.33 2.09% 3.80 4.01 (5.33) 0.23 6.34 6.84 27.27 13.57 13.10 4.01 0.95 13.77 (11.42) (13.04) (4.76) 23.78 DXS Dexus/Au 11,422.50 10.96% 10.62 10.97 (3.15) 0.52 4.99 5.10 28.17 16.26 15.62 11.24 0.94 21.37 1.05 12.26 44.49 128.39 ERF Elanor Retail Property Fund 140.32 0.13% 1.09 1.05 4.14 0.21 8.07 7.34 45.05 11.85 13.13 1.38 1.04 25.29 (14.84) (19.26) (19.26) (19.26) CQE Charter Hall Social Infrastr 1,316.64 1.26% 3.62 3.25 11.41 0.20 4.67 4.83 20.17 20.34 19.26 3.25 1.11 33.58 30.69 27.02 95.68 326.93 GDF Garda Property Group 315.29 0.30% 1.39 1.32 4.83 0.07 5.20 5.49 37.20 17.10 15.74 1.50 0.92 37.13 9.92 34.88 39.60 39.60 GDI Gdi Property Group 628.71 0.60% 1.16 1.27 (8.68) 0.08 6.72 6.72 16.02 20.71 18.71 1.42 0.89 8.41 (7.20) 20.83 27.47 16.00 GMG Goodman Group 42,546.30 40.81% 23.03 6.68 244.81 0.30 1.30 1.43 8.57 30.87 27.29 7.12 3.23 25.92 122.94 203.03 314.95 642.90 GOZ Growthpoint Properties Austr 3,172.40 3.04% 4.11 n/a n/a 0.20 4.87 5.11 33.81 16.84 16.51 3.82 1.08 26.07 10.73 29.53 54.28 128.10 GPT Gpt Group 9,175.62 8.80% 4.79 5.86 (18.24) 0.27 5.16 5.47 25.44 16.24 14.69 5.87 0.82 27.06 (8.24) (9.96) 17.40 62.93 HPI Hotel Property Investments 589.98 0.57% 3.38 3.08 9.67 0.19 6.15 6.51 38.68 16.41 15.65 3.08 1.10 11.92 5.62 8.33 45.06 60.95 HMC Home Consortium 1,705.91 1.64% 5.88 3.69 59.52 0.14 2.04 2.35 39.43 46.67 34.39 3.69 1.60 123.85 105.14 105.14 105.14 105.14 ADI Apn Industria Reit 757.90 0.73% 3.49 n/a n/a 0.17 4.96 5.21 29.82 18.08 16.62 2.89 1.63 42.45 32.70 58.21 74.83 74.83 IAP Irongate Group 980.87 0.94% 1.52 1.43 6.60 0.09 5.99 6.38 27.60 15.35 15.05 1.43 1.07 27.20 15.15 15.15 15.15 15.15 INA Ingenia Communities Group 2,075.46 1.99% 6.33 3.00 110.80 0.09 1.93 2.37 20.47 25.52 21.03 3.03 2.09 34.68 110.26 121.42 131.99 873.93 LEP Ale Property Group 951.94 0.91% 4.75 3.75 26.75 0.22 4.63 4.74 40.09 29.50 28.79 3.71 1.27 (4.62) (11.21) 6.98 50.32 154.69 LTN Lantern Hotel Group Ltd n/a 0.00% n/a n/a n/a n/a n/a n/a 273.76 n/a n/a 0.00 n/a n/a n/a (96.52) (94.12) (95.00) MGR Mirvac Group 12,025.14 11.53% 3.05 2.67 14.17 0.10 3.38 3.64 26.65 20.47 18.15 2.58 1.13 43.87 27.62 35.56 61.38 193.27 NSR National Storage Reit 2,744.72 2.63% 2.32 1.71 35.63 0.08 3.49 3.84 30.57 26.98 25.49 1.75 1.32 26.76 32.42 47.36 72.48 144.65 PWG Primewest Group Ltd n/a 0.00% n/a 0.24 n/a 0.06 n/a n/a (32.59) n/a n/a n/a n/a 42.44 46.00 46.00 46.00 46.00 RFF Rural Funds Group 1,005.22 0.96% 2.64 1.39 89.62 0.11 4.28 4.43 34.66 17.03 19.56 2.00 1.53 21.19 24.61 65.22 187.39 275.52 RNY Rny Property Trust n/a 0.00% n/a n/a n/a n/a n/a n/a 9.33 n/a n/a 0.05 n/a n/a (37.50) (95.24) (98.31) (95.00) SCG Scentre Group 13,271.49 12.73% 2.56 3.63 (29.51) 0.14 5.51 6.02 41.01 13.62 12.49 3.66 0.70 24.27 (39.05) (49.21) (27.89) (16.88) SCP Shopping Centres Australasia 2,916.06 2.80% 2.70 2.52 7.02 0.12 5.15 5.59 32.63 16.77 15.61 2.52 1.07 25.58 10.66 20.00 47.14 92.86 SGP Stockland 10,790.02 10.35% 4.52 3.99 13.33 0.25 5.88 6.02 27.26 13.33 12.91 4.02 1.12 24.86 5.61 (7.19) 6.35 62.01 TGP 360 Capital Group Ltd 194.39 0.19% 0.85 0.77 9.13 0.04 n/a n/a (131.39) n/a n/a 1.41 0.94 4.97 (15.92) (8.15) (3.98) 5.62 TOT 360 Capital Reit 130.79 0.13% 0.94 1.14 (18.01) 0.06 n/a n/a (11.03) n/a n/a 1.14 0.82 5.06 (25.20) (18.05) (23.30) (23.30) VCX Vicinity Centres 7,192.60 6.90% 1.58 2.13 (25.98) 0.10 5.44 6.52 26.83 14.63 12.74 2.17 0.73 18.80 (43.77) (51.68) (40.38) 8.61 VTH Vitalharvest Freehold Trust n/a 0.00% n/a 0.67 n/a 0.05 n/a n/a 36.68 n/a n/a 0.91 n/a 69.48 46.63 30.50 30.50 30.50 WPR Waypoint Reit 2,174.51 2.09% 2.77 2.49 1.11 0.16 6.86 5.74 29.83 17.64 17.31 2.49 1.11 2.97 28.84 7.78 8.20 8.20 Property - Global QPR Quattro Plus Real Estate n/a 0.00% n/a n/a n/a n/a n/a n/a 45.51 n/a n/a n/a n/a n/a n/a n/a n/a n/a URF Us Masters Residential Prope 142.50 0.14% 0.37 1.06 0.34 n/a n/a n/a 54.65 n/a n/a 1.06 0.34 58.70 (75.34) (82.37) (79.95) (76.71) URW Unibail-Rodamco-Westfiel/Cdi 16,492.74 15.82% 5.95 n/a n/a n/a 0.00 0.00 53.46 11.83 10.77 n/a n/a 79.76 (59.02) (59.55) (59.55) (59.55) Australian Indices AS52 S&P/Asx 300 Index 7,456.62 2,330.28 3.20 n/a 3.86 3.74 17.80 18.23 n/a 2.37 22.64 19.57 35.69 33.57 81.62 AS38 S&P/Asx Small Ords Index 3,472.70 1,135.80 3.06 n/a 2.58 2.91 23.76 23.21 n/a 2.03 25.07 21.78 37.23 52.36 47.38 AS51PROP S&P/Asx 200 A-Reit Index 1,606.30 1,246.00 1.29 n/a 3.75 3.99 19.08 17.55 n/a 1.26 25.93 10.41 7.50 39.03 116.69 SPBDASXT Sp/Asxaufxintr Tr 170.48 n/a n/a n/a n/a n/a n/a n/a n/a 1.11 15.86 19.27 36.38 61.96 SPBDAGVT S&P/Asx Gov Bond Tr 170.24 n/a n/a n/a n/a n/a n/a n/a n/a 0.93 16.21 18.84 36.75 61.03

Source: Banyantree, Bloomberg. Refinitiv, Datastream, Factset Real Estate Comparables Table Real Estate Comparables Table Monday, August 23, 2021

2 Key Charts

Gross Dividend Yield (%) (1yr forward) Premium/Discount to Book Value per Share (%) Forward P/E (x) (1yr forward)

9.00 4.00 25.00

8.00 3.50

7.00 3.00 20.00

6.00 2.50

5.00 2.00 15.00

4.00 1.50

3.00 1.00 10.00

2.00 0.50

1.00 0.00 5.00

IAP IAP

CIP HPI ADI HPI ADI CIP INA INA

GDI GDI

IAP

LEP LEP

INA CIP ADI HPI

RFF RFF APZ APZ

TOT ABP ERF ERF ABP ARF ARF

GDI

URF GPT AOF TGP DXS SCP AVN VCX AOF GPT DXS AVN SCP VCX

CDP SGP NSR CDP SGP COF GDF NSR GDF COF

LEP

CHC CHC

SCG GOZ CQE AQR SCG AQR GOZ CQE

RFF APZ

CLW CQR CLW CQR

ARF ABP ERF

HMC HMC

BWP BWP APW

DXS SCP GPT VCX AVN AOF

WPR MGR WPR MGR

NSR GDF COF CDP SGP

GMG GMG

CHC

CQE GOZ SCG AQR

CQR CLW

CMW CMW

HMC BWP

MGR WPR

GMG

CMW

S&P/Asx 200 A-Reit Index A-Reit 200 S&P/Asx Index A-Reit 200 S&P/Asx S&P/Asx 200 A-Reit Index A-Reit 200 S&P/Asx

Forward P/E (x) (2yr forward) Gross Dividend Yield (%) Gearing (%) 25.00 9.00 45.00

8.00

35.00 7.00 20.00

6.00

25.00 5.00 15.00

4.00

15.00 3.00

10.00 2.00

5.00 1.00

5.00

0.00

IAP

HPI ADI CIP INA

GDI

LEP

APZ RFF

ERF ABP ARF

VCX GPT SCP DXS AVN AOF

CDP SGP COF GDF NSR

SCG AQR GOZ CQE CHC

CQR CLW

BWP HMC

WPR MGR

IAP

GMG

INA CIP HPI ADI CMW

GDI -5.00

LEP

RFF APZ

ARF ERF ABP

DXS SCP AVN AOF VCX GPT

NSR GDF SGP CDP COF

CHC CQE GOZ SCG AQR

CLW CQR

HMC BWP

WPR

MGR

GMG CMW

-15.00

IAP

S&P/Asx 200 A-Reit IndexA-Reit S&P/Asx 200

INA CIP ADI

GDI

APZ RFF

TOT ARF

ABP

TGP GPT VCX DXS AOF SCP AVN

RNY NSR

SGP

AQR CHC CQE GOZ

CLW BWF CQR

APW BWP

MGR BWR WPR

S&P/Asx 200 A-Reit IndexA-Reit 200 S&P/Asx PWG GMG

Source: Banyantree, Bloomberg. Refinitiv, Datastream, Factset Real Estate Comparables Table Real Estate Comparables Table Monday, August 23, 2021

3 Company Description Property - Australia ABACUS PROPERTY Abacus Property Group is a diversified property investment group providing exposure to a portfolio of Commercial Office and Self Storage real estate. AGRICULTURAL LAN Agricultural Land Trust operates as a real estate investment trust. The Company focuses on the ownership of an agricultural land for the purpose of generating rental income and capital appreciation. Agricultural Land Trust serves clients in Australia. AUSTRALIAN UNITY Australian Unity Office Fund operates as a real estate investment trust. The Trust wholly owns a diversified portfolio of office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane, and Canberra. AIMS PROPERTY SE AIMS Property Securities Fund operates as an investment fund. The Fund invests in properties, real estate securities, and mortgage funds. AIMS Property Securities serves customers worldwide. ASPEN GROUP Aspen Group Limited of Australia operates as a property company. The Company specializes in the investment, ownership, and management of high yielding commercial properties including tourism and caravan parks. The Group also provides fund management services. Aspen Group serves clients in Australia. ARENA REIT Arena REIT operates as a real estate investment trust. The Trust owns a portfolio in sectors such as childcare, healthcare, education and government tenanted facilities in Australia. AVENTUS GROUP Aventus Group operates as a real estate company. The Company owns, develops, and manages retail centers. Aventus Group serves customers in Australia. BLACKWALL LTD BlackWall Limited operates as a property funds manager. The Company, through its subsidiaries, manages, develops, and finances income producing real estate on behalf of retail, high net worth, and institutional property investors. BlackWall also provides workspace solutions that includes open plans, private/group offices, meeting rooms, and event areas to its clients.

BWP TRUST BWP Trust operates as a real estate investment trust. The Trust invests and manages commercial properties. BWP Trust serves customers in Australia. BLACKWALL PROPER Wotso Property is an open-ended unit trust. The Trust manages and invests in income producing real estate and real estate securities. CARINDALE PROPER Carindale Property Trust is a development property trust which has an interest in the Westfield Shoppingtown Carindale. The Centre includes a department store-based shopping center, tavern and home and leisure center. CHARTER HALL GRO Charter Hall Group invests in and develops real estate. The Company manages real estate investment funds and develops commercial, residential, and industrial properties. CENTURIA INDUSTR Centuria Industrial REIT operates as an industrial real estate investment trust. The Company's portfolio includes industrial assets situated in in-fill locations and infrastructures. Centuria Industrial serves customers in Australia. CHARTER HLW REIT Charter Hall Long WALE REIT operates as a real estate investment trust. The Company invests in office, industrial, and retail properties that are leased to corporate and government tenants on long-term. Charter Hall Long WALE REIT conducts business in Australia. CENTURIA OFFICE Centuria Office REIT operates as a real estate investment trust. The Company invests in commercial properties via a listed property trust, as well as owns and manages office assets. Centuria Office serves customers in Australia. CROMWELL PROPERT Cromwell Property Group is a property and funds manager. The Company, through its subsidiary, provides funds management, property transactions, property and facilities management, finance, compliance, debenture issues, and debt management. APN CONVENIENCE APN Convenience Retail REIT operates as a real estate investment trust. The Company invests in service stations and convenience retail stores. APN Convenience Retail serves customers in Australia. CHARTER HALL RET Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers located in non-metropolitan areas throughout Australia, New Zealand and the United States. DEXUS/AU DEXUS operates as a real estate investment company. The Company invests in office, industrial, retail, and health care properties. DEXUS serves customers in Australia. ELANOR RETAIL PR Elanor Retail Property Fund manages real estate investment fund. The Company invests in Australian retail property, focusing on neighborhood and sub-regional shopping centers. Elanor Retail Property Fund owns a portfolio of retail shopping centers located in New South Wales, Queensland, and Tasmania. CHARTER HALL SOC Charter Hall Social Infrastructure REIT operates as a real estate investment trust. The Company invests in social infrastructure properties, as well as provides assets and capital management services. Charter Hall Social Infrastructure serves clients in Australia and New Zealand. GARDA PROPERTY G Garda Property Group operates as an asset management company. The Company invests in commercial offices and industrial facilities, as well as provides fund management and real estate advisory services. Garda Property Group serves customers in Australia. GDI PROPERTY GRO GDI Property Group is an integrated, internally managed property and funds management group with capabilities in ownership, management, refurbishment, leasing and syndication of office properties. GOODMAN GROUP Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

GROWTHPOINT PROP Growthpoint Properties Australia Limited operates as a real estate investment trust. The Company focuses on office, residential, and industrial sectors. Growthpoint Properties Australia serves customers in Australia. GPT GROUP GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central. HOTEL PROPERTY I Hotel Property Investments owns a portfolio of properties. The Company's properties consist of pubs, detached bottle shops and other on-site specialty stores, which are used to generate capital returns for its security holders. Hotel Property Investment's properties are located throughout Queensland and South Australia. HOME CONSORTIUM Home Consortium provides real estate services. The Company offers leasing and development of properties. Home Consortium serves customers in Australia. APN INDUSTRIA RE APN Industria REIT operates as a real estate investment trust. The Company invests in and owns interest in real estate properties throughout Australia, focusing on industrial, technology park, and business office assets. IRONGATE GROUP Irongate Group operates as a real estate investment trust. The Company focuses on multi-sector acquisition and asset management. Irongate Group serves customers worldwide. INGENIA COMMUNIT Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units. ALE PROPERTY GRP Ale Property Group is a property trust that manages and leases pubs in Australia. The Group also has property funds management operations. LANTERN HOTEL GR Lantern Hotel Group Ltd operates a portfolio of quality hotels predominantly in NSW, Australia. MIRVAC GROUP Mirvac Group is an integrated, diversified Australian property group comprising an investment portfolio and a development business. The Company's investment portfolio, Mirvac Property Trust, invests in and manages office, retail and industrial assets and the development business has exposure to both residential and commercial projects.

NATIONAL STORAGE National Storage REIT is a Real Estate Investment Trust. The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania. PRIMEWEST GROUP Primewest Group Ltd serves customers in Australia. RURAL FUNDS GROU Rural Funds Group is a real estate property trust which owns Australian agricultural assets. RNY PROPERTY TRU RNY Property Trust is a property trust. The Trust invests in office properties in the New York Tri State area of the United States. SCENTRE GROUP Scentre Group Limited owns and operates pre-eminent living centre. The Company specializes in the management, development, construction, leasing, and retail solutions. Scentre Group serves customers in Australia.

SHOPPING CENTRES Shopping Centres Australasia Property Group is a real estate investment trust owning Woolworths Group anchored shopping centres and free standing retail assets. STOCKLAND Stockland is a diversified Australian property group. The Group develops and manages Retail centers, Residential Communities and Retirement Living assets with a focus on regional centers and outer metropolitan. Stockland also owns a portfolio of Office and Industrial assets. 360 CAPITAL GROU 360 Capital Group Limited operates as a property investment and funds management group. The Company offers strategic investment and active investment management services in real estate and corporate real estate. 360 Capital Group serves clients in Australia. 360 CAPITAL REIT 360 Capital REIT operates as a stapled entity comprising the 360 Capital Total Return Passive and the 360 Capital Total Return Active Fund. The Fund aims to provide total returns to Stapled Unit holders through selective investment and access to real estate based investment opportunities. VICINITY CENTRES Vicinity Centres retails asset and property management services. The Company offers a retail property investment and services organization involved in the ownership, management, and development of retail properties. The Company operates shopping centers across Australia. VITALHARVEST FRE Vital Freehold Trust operates is a listed investment trust incorproated in Australia. The Fund focuses on the investment of agricultural assets. The Fund will have exposure to one of the Australia's largest aggregation of citrus orchards and one of Australia's largest aggregation of berry farms. WAYPOINT REIT Waypoint REIT operates as a real estate investment trust. The Trust ownsa portfo lio of service station and convenience properties, as well as focuses on long-term income and capital returns. Waypoint REIT serves customers in Australia Property - Global QUATTRO PLUS REA Auckland Real Estate Trust operates as a real estate investment trust. The Company focuses on investment in long term and commercial property assets, as well as offers advisory and fund management services. Auckland Real Estate Trust serves customers worldwide. US MASTERS RESID US Masters Residential Property Fund is the largest Australian-listed property trust with a primary strategy of investing in freestanding and multi-tenant US residential property in the New York metropolitan area. The Fund is focused on seeking to achieve long-term returns through a combination of income from rental yields along with potential long- term capital growth.

URW CDI Unibail-Rodamco-Westfield operates as a real estate investment trust. The Company leases and rents building space, finances real estate investments, and renovates real estates for sale. Unibail-Rodamco-Westfield's properties are shopping centers, office buildings, and convention-exhibition centers.

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